HomeMy WebLinkAbout02/27/90 Board of Public Works Special Meeting MinutesSPECIAL MEETING
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FEBRUARY 27, 1990
A Special meeting of the Board of Public Works was convened at
9:33 a.m. on Tuesday, February 27, 1990, by Board President John
E. Leszczynski, with Mr. Leszczynski and Ms. Katherine Humphreys
present. Board member Mrs. Patricia E. DeClercq was not in
attendance. Also present was Assistant City Attorney Jenny Pitts
Manier.
ADOPT RESOLUTION NO. 7-1990 - RELATING TO THE DISTRIBUTION OF
INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS FOR 1990
Ms. Katherine Humphreys made a motion that the Board adopt
Resolution No. 7-1990 which has been submitted at this time. Mr.
Leszczynski seconded the motion and the following Resolution No.
7-1990 was adopted:
RESOLUTION NO. 7-1990
RESOLUTION OF THE CITY OF SOUTH BEND
BOARD OF PUBLIC WORKS RELATING TO THE
DISTRIBUTION OF INFORMATION REGARDING
TAX ANTICIPATION TIME WARRANTS FOR 1990
WHEREAS, on February 26, 1990, the City of Sou
Council (the "Common Council") adopted an ordinance
ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS
(the "Ordinance") which authorized the City of Sout
"City") to make temporary loans to meet current expe
to the provisions of Indiana Code 36-4-6-20 for the
benefit of the General Fund of the City, which loans
authorized to be evidenced by tax anticipation time
the City in the following amount:
Amount Fund
5,900,000 General Fund
and;
h
th Bend Common
entitled "AN
FOR 1990"
Bend (the
nses pursuant
use and
were further
warrants of
WHEREAS, the Ordinance authorized and directed the City
Controller to have Tax Anticipation Time Warrants (the
"Warrants") prepared and to sell the Warrants at a price not less
than the par value thereof to a purchaser or purchasers pursuant
to a Purchase Agreement in accordance with the terms and
conditions of the Ordinance; and
WHEREAS, the Ordinance further authorized and directed the
City Controller to make such filings and requests, deliver such
certifications, execute and deliver such documents and
instruments and otherwise take such actions as necessary or
appropriate to carry out the terms and conditions of the
Ordinance; and
WHEREAS, an "Official Statement" relating to the sale of the
Warrants has been prepared by Springsted Incorporated as the
financial advisor to the City and presented to the City of South
Bend Board of Public Works (the "Board") and the Board desires to
approve the "Official Statement" as presented to it and authorize
its distribution to facilitate the sale of the Warrants;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SOUTH BEND
BOARD OF PUBLIC WORKS THAT:
1. The "Official Statement" relating to the sale of the
Warrants by the City is hereby approved in the form presented to
the Board at this meeting.
2. Springsted, Incorporated is hereby authorized and
SPECIAL MEETING
FEBRUARY 27, 1990
directed to cause to be distributed the "Official Statement,"
substantially in the form presented to the Board at this meeting,
with such changes which are approved by the City's legal counsel
as Springsted Incorporated might recommend to describe adequately
such warrants and information related thereto to all parties who
in their judgment may be interested in purchasing the Warrants
and to the purchaser or purchasers of the Warrants.
3. This resolution shall be in full force and effect from
and upon compliance with the procedures required by law.
ADOPTED at a special meeting of the City of South Bend Board
of Public Works held on the 27th day of February, 1990, in the
Board of Public Works Meeting Room located on the Thirteenth
(13th) Floor of the County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana, 46601.
CITY OF SOUTH BEND BOARD OF PUBLIC WORKS
s/John E. Leszczynski
s/S. Katherine Humphreys
ATTEST:
s/ Sandra M. Parmerlee, Clerk
In response to questions from the news media, Ms. Humphreys
advised that $5,900,000.00 will be borrowed, that bids will -be
taken on March 13, 1990, that closing will be on or around March
20, 1990 and that the money will be paid back on December 28,
1990.
ADJOURNMENT
There being no further business to come before the Board, upon a
motion made by Ms. Humphreys, seconded by Mr. Leszczynski and
carried, the meeting adjourned at 9:36 a.m.
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Joh Leszczyn
Patricia E. DeClercq
eys
ATTEST:
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Sandra M. Parmerlee, Clerk